# In the matter of Glopore IM Services Pvt. Ltd. I.A No. 596-2019 in CP(IB)No. 206-BB-2018

> NCLT judgment dated 2019-11-20. Citation: TCN-2019-NCLT-00521. The case involves I.A.No.596/2019 in C.P.(IB)No.206/BB/2018, filed by the Resolution…

- **Court:** NCLT
- **Order date:** 20 Nov 2019
- **Citation:** TCN-2019-NCLT-00521
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/glopore-im-services-pvt-ltd-ia-no-596-2019-in-cpibno-206-bb-2018-db5a8024

## Summary

### Background

The case involves I.A.No.596/2019 in C.P.(IB)No.206/BB/2018, filed by the Resolution Professional, Shri Venkataraman Jayagopal, seeking to liquidate the Corporate Debtor as per the provisions of the Code, based on a decision by the Committee of Creditors (CoC). The CoC held a meeting on November 11, 2019, under Section 33(2) of the Code, to issue a public announcement stating that the Corporate Debtor is in liquidation.

## Facts

The Resolution Professional, Shri Venkataraman Jayagopal, filed I.A.No.596/2019 in C.P.(IB)No.206/BB/2018 seeking liquidation of the Corporate Debtor, M/s Glopore IM Services Pvt Ltd, under Regulation 33(2) read with Section 60(5) of the IBC, 2016. This application was based on the decision taken by the Committee of Creditors (CoC) during their meeting on November 11, 2019, under Section 33(2) of the Code, for a public announcement stating that the Corporate Debtor is in liquidation. The court noted that the CoC had not yet decided to appoint the Resolution Professional as the Liquidator. Shri K. Krishnappa appeared as learned Standing Counsel for ESIC.

## Issues and analysis

### Issue 1: Whether the application for liquidation can be approved when the Committee of Creditors (CoC) has …

**Ratio:** The duty to recommend the name of the Liquidator lies with the CoC, and the Liquidator

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**Reasoning:** The court reasoned that the CoC had not taken any decision to appoint the Resolution

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**Interpretation:** The interpretation of the IBC emphasizes the CoC's authority in the liquidation

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**Application:** Since the CoC had not yet decided to appoint a Liquidator, the court held that

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** M/s.Glopore IM…; Venkataraman…
- **Advocates:** Sumana…; Jayag…; +2 more

## Timeline

- **2019-11-11 — CoC Meet…**: Committee of Creditors (CoC) meeting held under Section 33(2) of the Code to discuss the…
- **2019-11-20 — Hearing…**: Hearing of National Company Law Tribunal,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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